The Real Estate Services (RES) Update is designed to keep diversified real estate firms and their agents informed about issues impacting their businesses. This monthly newsletter includes legislative and regulatory updates, news on industry trends, and the latest information on NAR activities as they affect diversified real estate firms.
On March 18, 2013, NAR, in coalition with other industry groups, sent a letter to the Senate in support of a proposed amendment to the fiscal year 2014 Senate Budget Resolution which would implement S. 336, the Marketplace Fairness Act.
President Gary Thomas testified at a hearing of the House Ways and Means Committee entitled “Tax Reform and Residential Real Estate.”
NAR President Gary Thomas testified this week about the importance of the FHA mortgage insurance program.
FHA may need $943 million from the Treasury to hold 30 years' worth of reserves.
Growing student debt will impact the ability of consumers to access mortgage credit, particularly first time homebuyers.
On March 29, FEMA released information on changes to the policies and rates of the National Flood Insurance Program. Highlights of the changes, required under the Biggert-Waters Flood Insurance Reform Bill that passed in 2012, include revised premium rates, a new Reserve Fund assessment, updated rates for non-primary residences, exclusion of certain properties from receiving subsidized premium rates and no extesnions of subsidy to new policies or lapsed policies.